Sample Business Plan on Event Planning Business Plan
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EXECUTIVE SUMMARY
The Business Concept
ABC Event Planning, LLC (ABC Event Planning, LLC or the Company) is an event planning business. The Company will specialize in themed events (genre, decade, time period, etc.). It will also plan weddings, birthday parties, sweet sixteen’s, fundraisers, bachelor and bachelorette parties, and corporate events. The Company is located in City, State.
Operating a successful event planning business requires a combination of education, experience and excellent networking. This is one business where the importance of networking cannot be overemphasized. In fact, many consider networking to be the most important aspect of finding a career in event planning. Knowing the right contacts can help get the Company in the door quickly. In addition, ABC Event Planning, LLC will not only have great prices to compete with its competition, but it will also come with a level of professionalism, know-how, and dedication, and creativity that will keep its clients coming back for more.
Strong Background for Success
The Company plans to use its founder’s background as a launching pad for a successful event planning, especially since her previous work experience involved organizing, planning and coordinating events such as weddings, conferences, or simple birthday parties. Like most event planning professionals, the founder started out working in the corporate sector planning and handling special events such as company conferences, seminars, even picnics, and she has recently decided to go into business on my own.
To increase attractiveness to potential clients, the Company’s management will try to earn professional certifications based on event planning and meeting specialization. These certifications are typically awarded after meeting performance, experience, and service criteria as well as passing the exams given. Many clients, particularly those from the corporate sector, will look for these designations before hiring an event planning professional because it assures them that they are dealing with a professional and someone well-experienced in the field.
While the Company’s team has the experience and the skill set to be successful regardless, they will be attaining these special licenses and certificates to strengthen the Company’s position in this very unique field.
Excellent Market Opportunity
ABC Event Planning, LLC will take advantage of several factors to drive its growth. Times are changing and people today are starting to recognize event planners as a “serious profession” and to realize that they need their services. In Massachusetts there a no other minority owned event planning businesses with affordable prices and an urban flair.
Since the Company will be focusing on social events catering to individuals, its pitch may be based on the premise that its services can release them from all the tasks required to create a great and worry-free event. By outsourcing the event to ABC Event Planning, LLC, clients can have more free time for their family and friends.
Profitable Growth
ABC Event Planning, LLC expects to gain a profitable market share within a very short period of time. Determinations have been made for the size of the market, amounts of budgeted advertising and promotional dollars, the number and kinds of distribution channels and the competitive landscape.
Projections call for the Company to generate revenues of $50,000 in its first twelve months. ABC Event Planning, LLC will achieve strong growth over the next several years, reaching $250,000 in revenues and more than $109,000 of net income by the fifth year.
The Opportunity
Event Planning Industry
There is much preparation and planning required in successfully arranging an event, no matter how large or small the gathering. Event planning is a lucrative industry and can lead to an exciting career. Often, corporations, families, organizations, and group gatherings are handled by professional event planners due to the time, effort, expertise, and resources involved in coordinating these occasions. Usually events are designed to impart a pleasurable and lasting memory.
According to the U. S. Census Bureau, in 2003 the trade show and convention organizer business totaled more than $10 billion. Continued demand for meeting planners and event coordinators have increased significantly over the last decade. Family event planning covers a wide range of niche markets such as:
Ø Anniversaries
Ø Birthdays
Ø Weddings
Ø Reunions
Ø Retirement
Other products and services covered by this market include:
Ø Conventions
Ø Conferences
Ø Trade Shows
Ø Business seminars
Ø Sporting events
Ø Educational institutions
Ø Charity groups
Ø Award ceremonies
Full Service event planners perform a variety of tasks for their clients, including (but not limited to): 1
s Identify customer expectations
s Create event design
s Develop timelines and production schedules
s Manage team operations and/or support staff
s Client and vendor communication
s Overview and monitor event activities with seamless execution
s Secure appropriate vendors for all aspects of the event
IBIS World, market research firm, released U. S. Trade Show & Event Planning Industry Report in 2009; key industry statistics are outlined below: (See chart on next page) 2
Individuals interested in the event planning industry have exceptional opportunities as this industry is “far larger than imagined – and is growing at a very rapid rate. Event planning is a relatively new industry, still considered to be in its infancy stages.”
Not more than twenty years ago, the job title “Event Planner” was not a recognizable career option; few people used the term as their work title and those who did were not taken seriously. Today, the U. S. Census Bureau regards this line of work as a serious, respectful profession. Those who choose to enter